Res 1997-28 ®0037
RESOLUTION NO. 28 - 1997
IIIRESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE CITY'S
$9,575,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS,
SERIES 1997A
BE IT RESOLVED by the City Council of the City of Fridley, Minnesota,
as follows:
1. It is hereby determined:
(a) The Council believes it to be in the City' s best interest to
consider a refinancing of the City' s General Obligation Tax
Increment Refunding Bonds of 1990, dated March 1, 1990 (the "Prior
Bonds") .
(b) The Prior Bonds are subject to prior redemption at the option
of the City at par plus accrued interest.
(c) It would be advantageous for the City to issue its General
Obligation Tax Increment Refunding Bonds, Series 1997A (the
"Bonds") , pursuant to Minnesota Statutes, Section 469.178 and
Chapter 475, to provide moneys for a refinancing of the Prior
(d) The City has retained Springsted Incorporated, In Saint Paul,
Minnesota, as its independent financial advisor for the Bonds and
is therefore authorized to sell the Bonds by a competitive
negotiated sale in accordance with Minnesota Statutes, Section
475. 60, Subdivision 2 (9) .
2 . The terms and conditions of the Bonds and the sale thereof are
fully set forth in the "Terms of Proposal" attached hereto as Exhibit
A, and the Council shall meet at the time and place specified therein
for the purpose of considering bids for the purchase of the Bonds and
considering the award of the sale of the Bonds.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
31ST DAY OF MARCH, 1997.
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CY JOB'G��`SON - MAYOR
ATTEST:
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WILLIAM A. CHAMPA - CITY , LERK